Quantitative tightening

The opposite of QE. This involves shrinking the central bank’s bond portfolio—either by selling bonds back to the private sector or by letting them mature and not reinvesting the proceeds—thereby removing liquidity from the economy and adding to the upward pressure on bond yields. At the time of writing, quantitative tightening is in its early stages and it seems likely that it will be a long while before QE is reversed. For more detail, see this article.